We are in the midst of tax season, and although many people have already had their tax return prepared and filed, many more haven’t started this process yet. If you still need to prepare your 2023 tax return, here are […]
If you’re not a tax professional, some of the lingo used when talking about taxes might be a little confusing. Today we want to look at two terms that are often confused and which together play an important role in […]
If you are age 70½ or older, you may be able to exclude a qualified charitable distribution (QCD) of up to $100,000 from your income each year. A QCD is a taxable distribution paid directly from an IRA (other than […]
The Internal Revenue Service has issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the […]
The IRS has announced a delay of the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023. Instead, the agency will treat 2023 as an additional transition year. As a result, reporting will not […]
The IRS has announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. Here are some highlights: The standard deduction for married couples filing jointly for […]
The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government’s Thrift Savings Plan is increased to $23,000, up from $22,500. Additionally, the limit on annual contributions to an IRA increased […]
If you own a business, you have probably been targeted by a scam trying to get you to claim the Employee Retention Credit (ERC). These scams have run rampant over the last year and have solicited business owners via email, […]
It’s never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a […]
Due to rising concerns about a flood of improper Employee Retention Credit claims, the IRS has announced an immediate moratorium through at least the end of the year on processing new claims for the pandemic-era relief program in order to […]